Personal Finance Weekday Help and Victory Thread for the week of January 24, 2022 |
- Weekday Help and Victory Thread for the week of January 24, 2022
- If you have a car lease ending soon, Please look into buying it and then reselling it.
- Turned in my car lease and they gave me a $250 check, why?
- Is it always best to pay the loan with the most interest?
- In regards to inflation- doesn’t it work in debt holders favor?
- I just discovered the first-time homebuyers savings account (FSHA)
- Getting married to someone that has an ex wife with the same name as me—She also happened to have terrible pay history/credit
- Has anyone had luck with the 'cashback apps' like Swagbucks, fetch ibotta ect?
- Is freetaxusa easy to use for someone that never did their own taxes before?
- I feel like I've set myself up for the foreseeable future. Are there any other steps I should take at this time?
- I purchased $10k i bond last Dec, I can purchase another $10k this Jan?
- College student, financial stress
- Investing in both Roth IRA and Traditional IRA?
- Unexpectedly in the market for a new car
- Should I put $2300 savings toward credit card debt, & then pay medical debt from there?
- Just got married. We are going to join Bank Accounts. Is there a good checklist to make sure we have taken full advantage of being married/set everything in order.
- im 16 and looking to start investing, but im not sure where to start?
- Question about taxes on reimbursement from job
- Am I stupid for having 100% of my 401k in an S&P 500 index fund? Details inside
| Weekday Help and Victory Thread for the week of January 24, 2022 Posted: 24 Jan 2022 03:00 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments] |
| If you have a car lease ending soon, Please look into buying it and then reselling it. Posted: 24 Jan 2022 07:22 AM PST With the used car shortages, the residual value is much lower than the actual value. Look into into for your own good. [link] [comments] |
| Turned in my car lease and they gave me a $250 check, why? Posted: 23 Jan 2022 12:24 PM PST I turned in my car lease today and they offered me a $250 check and cancelled the turn-in fee. I asked them why and they gave some bullshit answer of "we like to help out our customers." I'm totally okay with this since I was fully prepared to pay the turn-in fee, I'd like to know why this happened if anyone has any idea. Car: 2021 Honda Insight Update: FML [link] [comments] |
| Is it always best to pay the loan with the most interest? Posted: 24 Jan 2022 03:54 AM PST I'm wondering if I should be throwing all of my money at my student loan with the highest % interest, or if the principal amount remaining matters as well. For example: if you have a $5k loan at 5% and a $6k loan at 3.75%, should you put all of your money towards the higher interest loan first? Or split up the payments between them? This is for overpaying, not paying the minimum. [link] [comments] |
| In regards to inflation- doesn’t it work in debt holders favor? Posted: 24 Jan 2022 06:09 AM PST So, say, for example _____ has a $5000 loan at 4% interest, monthly payment at $100 for __ years (all arbitrary numbers ofc) If inflation hits 7% or more, wouldn't that technically mean the debt holder pays less in value than originally loaned? Of course inflation like that is bad but let's take it one step further. If the economy decided to be hyper-inflationary and be like pre-ww1 Germany, would the debt shrink in relation to value? If the economy shit the bed and the average wage was $200 an hour because the dollar was so devalued, wouldn't that theoretically help every debt/mortgage/credit holder who didn't pay off their bills prior to the inflation? Or am I missing something? Thoughts? [link] [comments] |
| I just discovered the first-time homebuyers savings account (FSHA) Posted: 24 Jan 2022 04:35 AM PST We have tax-advantage accounts for retirement, health costs, and education. With the struggle to save enough money for a downpayment on a home, I always wondered why there wasn't a tax-advantage account for first time home buyers. Then I did a quick Google search and discovered that they do exist! However, it is only offered only in select states (see article). Does anyone here have any experience with these accounts? Any one have any other thoughts? Personally, I think it's great especially if you're attempting to save for that downpayment or other home-purchase expenses. Edit. This info is based in the USA. Also, it's too late for me. My spouse and I are in the process of purchasing our first home. I just wish I (a) knew this sooner and (b) it was more accessible across states, and/or (c) there was a tax benefit at the federal level. [link] [comments] |
| Posted: 24 Jan 2022 09:02 AM PST I'm getting married in November and I'm super excited about it! I do have one hang up with the name change and I want to hear your thoughts on being proactive about potential issues that might arise. I've heard (and witnessed firsthand) horror stories about people with the same name getting penalized for someone else's credit and payment history. My fiancés ex wife has terrible credit, and once we marry I will have the same name as her. Not only that, but I'll also have the same spouse, so I'm that sure adds an added layer of complexity. Are there any actions I can take in advance to protect myself from potential issues? I've thought about hyphenating my name and paying for a better credit monitoring software, but if you guys have additional or better ideas I'm open to hearing them—This is actually a big stressor for me right now. Edit to say: I know creditors go by social but I have seen instances where things have been reported based on name (personally, medical bills with family members that share the same name) [link] [comments] |
| Has anyone had luck with the 'cashback apps' like Swagbucks, fetch ibotta ect? Posted: 24 Jan 2022 04:54 AM PST Been trying them out but a bunch of them seem real wonky, app doesn't work all the time, or having to add offers instead of them just analyzing your receipt and getting the rewards automatically makes them extremely time consuming if you do a big shop. Just curious has anyone had good experiences with them? If so what ones would you recommend? Any other alternative or apps ect besides the normal store rewards / savings cards that people recommend that allow you to get some extra rewards back when you shop, every little bit helps. [link] [comments] |
| Is freetaxusa easy to use for someone that never did their own taxes before? Posted: 24 Jan 2022 10:32 AM PST I have been very irresponsible and haven't filed my taxes for 3 years. I usually go to H&R block and was going to soon for the past years cuz i didn't think you could do past years yourself but I just found out you can on taxfreeusa. Just nervous I will mess something up. Going to take a look at it tonight when I get home [link] [comments] |
| Posted: 24 Jan 2022 07:14 AM PST I am 23 and graduated in May. My starting pay is $30/hour+ $4 shift diff for nights and a little extra on weekends, which works out to about $64,000, I also make $169/hour on overtime $189 for weekends; that will probably last a few more months then I expect incentive pay to decrease. I expect $80-$100K this year after overtime. (Could vary a lot with how overtime might change and how much I work) My company 403(b) match is %200 up to 5% of my pay, 15% total, which is $324 every two weeks. This is all in a traditional account. I also have a Roth 403(b) that I max out; I am aware the Roth and traditional share the same limit. I also plan to max out my Roth IRA. I have an HSA I max out yearly as well; I plan to pay for all health expenses with cash and save the receipts and use it as an adjunct retirement account down the road. After all deductions, I get to keep around $760/2 weeks. This is just barely enough to cover living expenses. I work overtime if I want something like a vacation or a fun night out, but most of that extra money from overtime goes into my Roth IRA and other investments (other taxable accounts.) I currently have around $25000 in investments. I keep a 3 month emergency fund in my savings account. I have no debt, and I cover all my own expenses. I have no immediate plans for big purchases. I might buy a house someday, but it's really up in the air: I kinda like not having to do maintenance. I would like to become financially independent as early as possible but still probably work part time. I also have an option to do a 457(b) but I think it's non-governmental, with a very low chance of going out of business, but I'm really not sure where to find out. [link] [comments] |
| I purchased $10k i bond last Dec, I can purchase another $10k this Jan? Posted: 24 Jan 2022 10:25 AM PST Hi I purchased $10k i bond last Dec (Series I Savings Bonds, 7.12% for bonds issued November 2021 - April 2022). Am I right that I can purchase another $10k this Jan? [link] [comments] |
| College student, financial stress Posted: 24 Jan 2022 09:41 AM PST I live in Alabama, and I'm a senior graduating in April. This last semester I'm currently in, I owe $3,000. Fortunately, I landed an internship that said they'll cover $2,250 of that $3,000, and my University decided to take off $600 to help me cover that expense, so I'll owe $150 out of pocket now. I'll note that my internship will pay half of the $2,250 in February and the other half in April. I live in Alabama, and I'm a senior graduating in April. This last semester I'm currently in, I owe $3,000. Fortunately, I landed an internship that said they'll cover $2,250 of that $3,000, and my University decided to take off $600 to help me cover that expense, so I'll owe $150 out of pocket now. I'll note that my internship will pay half of the $2,250 in February and the other half in April. Before I learned all of this, I requested denial funds from my University for the parent plus loan. I just received an email today saying I was approved for $6,290 in Unsub loans. I currently have $31,429.06 in loans and $432.81 of that is interest that has accrued "I've taken advantage of the 0% and throw any extra money I have towards student loans which is maybe $5-20 a month. I also have a credit card balance of $1,260 that I owe. This amount was from the previous semester when I had no option but to put my $1600 student balance on my AMEX card to register for my last semester. Being a senior means job hunting and most likely moving out of the state between May and June. I'm not sure where since I'm still interviewing and waiting on offers, but would it be wise to take out this Unsub loan. Use it to pay off my AMEX card and the rest of what I owe to my University and live off of $300-500 for the rest of the semester and stash the rest into savings for when I do need it to move? Of course, if I don't need it, later on, I would pay the lump-some back if my job offers relocation assistance. But if I did need it, I would use it to afford a move. I currently have $0 in savings and $0 cash. I've gotten by these last few months by buying and reselling shoes that net me maybe $100 every two to three weeks and donating plasma which has helped cover my phone bill and groceries that I need. So my question is, "should I take out the Unsub loan, and if yes, how much, and what should I do. [link] [comments] |
| Investing in both Roth IRA and Traditional IRA? Posted: 24 Jan 2022 07:33 AM PST As the title says, can I invest in both IRAs within the same tax year so I can reap the benefits of both? Also, can I invest $6k in my Roth then invest $6k into my spouse? [link] [comments] |
| Unexpectedly in the market for a new car Posted: 24 Jan 2022 10:46 AM PST In my area a used car with over 100000 miles on it averages for around 15k, and new compact sedan MSRP seems to be around 20-25k, so im wondering if it would be worth it to put down a 6-10k down payment on a new year and finance it for 60 months, versus paying for a used car where I'll be unsure of the longevity of it. I would be cosigning this with my father who has a roughly 650 credit score. I gross 39,000 a year for perspective on my financial situation. Any advice at all would help, thanks! Edit: I also currently live with my family, for little to no living expenses besides a $30 a month phone bill [link] [comments] |
| Should I put $2300 savings toward credit card debt, & then pay medical debt from there? Posted: 24 Jan 2022 10:22 AM PST I just had to get an MRI, and my medical bill is ~$3500. I currently have 1 credit card (16% APR, 1.75% cash back) it's a $7000 limit, and the balance is $6800. I have $2300 in my savings account, I'm not sure if i should put that 2300 to my credit card balance, and set up a payment plan on the medical bill that will auto-pay from my card (while also paying my monthly payment to the card which is minimum + $40)? or should i continue paying down the credit card with my regular paycheck (minimum +$40), and put the 2300 to my medical bill immediately? the medical bill has zero interest. what things should i consider? just the interest rates? the cash back i might make back? something else? thanks for your help! [link] [comments] |
| Posted: 24 Jan 2022 08:04 AM PST Hello, We just got married and I am starting the process of combining our lives. We live in Texas, and completely trust each other financially. I think we are going to join bank accounts but also have separate credit cards (maybe, TBD). She works just like I do and we both are responsible enough to buy whatever we want when we feel the need. Anyway, I'm spending this week trying to get everything in order. Any suggestions? Also, I feel pretty inexperienced in this whole thing so I feel like I will miss something. I can't even word the post the way I truly want to because I don't even know the question I need to be asking.. if that makes sense. Thanks for any help! [link] [comments] |
| im 16 and looking to start investing, but im not sure where to start? Posted: 24 Jan 2022 09:52 AM PST Im sixteen and i work at a job where i bring in roughly 1000 a month sometimes more. Im saving up for a car, which is what most of my money is going towards atm, but i also would like to start investing. I just have no idea where to start, and what I can do because of my age. Looking for recommendations on apps that are good for investing or other ways to start off. I don't know a lot about investing, so anything helps! [link] [comments] |
| Question about taxes on reimbursement from job Posted: 24 Jan 2022 09:35 AM PST I recently left my job and moved across the country. They are short staffed and offered to pay all my expenses to return for 10 days to cover holes in the schedule. I want to accept, but what happened last time I did this is I paid everything up front and submitted receipts. I was reimbursed the sum of those receipts MINUS income tax. So it actually did cost me quite a bit of money out of pocket to do this travel since I wasn't reimbursed 100% of what I spent. This doesn't seem right to me, since it isn't really income and I have already paid sales tax when I did the initial purchase. It is correct for tax to come out of reimbursement checks? California Thanks! [link] [comments] |
| Am I stupid for having 100% of my 401k in an S&P 500 index fund? Details inside Posted: 24 Jan 2022 07:19 AM PST For reference I am 27, earn $56000 per year, and contribute 25% plus a 3% employer match for a total of 28%. Current 401k balance is $19,000. At my age and with my contribution level am I a fool for putting all my eggs in the S&P 500? Would I be losing out on potential big lot term gains by switching to an index fund? I would like to retire when I am 55. Thanks for the advice [link] [comments] |
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